SE Asia Stocks-Singapore falls on weak economic data

By Rushil Dutta
July 25 (Reuters) - Most Southeast Asian stock markets
finished higher on Monday except Singapore, which posted losses
after the city-state's headline consumer price index fell in
June on a year-on-year basis, down for the 20th consecutive
month.
The all-items consumer price index (CPI) in June fell 0.7
percent from a year earlier, after dropping 1.6 percent in May.
The median forecast in a Reuters survey was for a decline of 1.1
percent in June.
Singapore's economic growth remains sluggish, and its
performance in the second half of this year will not be too
different from the first half, Ravi Menon, managing director,
Monetary Authority of Singapore, said at a news conference on
Monday.
Singapore's Straits Times Index fell 0.5 percent,
dragged down by consumer goods and consumer services stocks.
Taxi and car rental group Comfortdelgro Corp and
Capitaland Mall Trust were among the biggest losers on
the index.
Meanwhile, other Southeast Asian markets posted meagre
gains, ahead of a two-day U.S. Federal Reserve meeting starting
on Tuesday in which the Fed is expected to hold interest rates.
According to a Reuters poll, the U.S. Federal Reserve will
wait until the fourth quarter before raising the interest rates,
likely in December after the presidential election.
The Bank of Japan is expected to ease policy later this
month, according to a majority of economists polled by Reuters,
who said a combination of measures would be used in another
attempt to boost anaemic inflation.
Philippine shares closed up 0.3 percent, led by
financials and consumer cyclicals.
Metropolitan Bank and Trust Co and Bank of the
Philippine Islands gained 1.1 percent and 1.7 percent,
respectively.
Stocks rose more than 1 percent earlier during the session
as investors looked forward to President Rodrigo Duterte's first
public address since his appointment.
Duterte, who became the 16th president of the Philippines on
May 30, vowed to push for several economic reforms to support
the economy, including easing tax rules, streamlining investment
applications, and relaxing the secrecy law on bank deposits.
Malaysian stocks gained 0.7 percent, driven by
consumer cyclicals and financial stocks.
Malayan Banking Bhd and Hong Leong Bank Bhd
were 0.9 percent and 1.5 percent higher, respectively.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on day
Market Current Previous Pct Move
Close
Singapore 2929.85 2945.35 -0.53
Bangkok 1512.66 1509.13 0.23
Manila 8049.13 8025.35 0.30
Jakarta 5220.802 5197.251 0.45
Kuala Lumpur 1668.26 1657.42 0.65
Ho Chi Minh 649.3 649.87 -0.09
Change on year
Market Current End 2015 Pct Move
Singapore 2929.85 2882.73 1.63
Bangkok 1512.66 1288.02 17.44
Manila 8049.13 6952.08 15.78
Jakarta 5220.802 4593.008 13.67
Kuala Lumpur 1668.26 1692.51 -1.43
Ho Chi Minh 649.3 579.03 12.14
(Reporting by Rushil Dutta; Editing by Sherry Jacob-Phillips)